Survey: Millennials leading the growth of sharing economy
- Most (51%) U.S. web users have now tried at least one offering spawned by the so-called “sharing economy,” using peer-to-peer technology to access goods and services, says a survey from consumer intelligence platform Vision Critical.
- More consumers used sharing economy services to buy pre-owned goods (44%), locate accommodations (17%), crowdfund projects (14%), and get transportation (10%).
- Millennials age 18-34 years-old were more likely to be interested in shared services in all categories, including lodging, car rentals, gifts, and home furnishings.
This survey says that adoption of the sharing economy is growing, with 51% of U.S. web users having used at least one of its services in 2015, up 12% from last year. Usage was up across the board, with more consumers connecting with their peers to perform such functions as buy pre-owned goods (up 10% to 44%) and find lodging (up 10% to 17%).
Millennials tend to be more interested in shared services, especially when price is a factor. Asked if they would consider a shared service if it were at 25% cheaper than a traditional purchase, 71% of millennials said they would consider booking accommodations, 12% more than those age 35 to 54 years-old. They were 11% more likely to use a sharing service for car rentals, 13% more likely to buy gifts, and 4% more likely to seek home furnishings.
While secondhand-clothing apps such as Threadflip and social swapping apps such as Yerdle aren’t yet household names like Airbnb, growth in acceptance of the sharing economy seems primed to produce a successful peer-to-peer selling site. Large retailers, too, are looking for ways for the sharing economy to get goods to their customers faster by using Uber, Postmates, and other shared services for delivery.